Hi there 🙂 The old sayings will tell you not to put all your eggs in one basket; and to divide and conquer. But what about focus? And becoming an expert in your field?
Yeah, there's definitely a dilemma here. But you don't have to choose. You can actually walk the narrow path between the two and balance several baskets of eggs on your shoulders.
How to Diversify and Stay Focused
Rather than trying to explain this in an abstract manner, I'll give you several examples on how you can diversify your income and yet stay focused on what you do.
Example 1: An AdSense Site
If you're running a website with AdSense on and you're making income, you might think that all is well.
But it is far from that.
Several things can go wrong:
- Your site can get hacket and everything disappears.
- Your site can get hacket, and evil code shows dirty ads instead of your text.
- You could disappear from the search engine indexes. (I tried that after my site was hacket and dirty code place instead.)
- You might have been overdoing the back-linking and your site is now almost gone from the search engines.
- Your main topic is no longer profitable.
There are probably a lot more worst-case-scenarios than the above mentioned.
While you should take precautions and keep a backup, you also have to diversify.
- Don't rely solely on traffic coming from search engines. Build a list. Get traffic from other sources.
- Don't rely solely on AdSense. Find other sources of income.
By doing so, you're still focused on your site, but you're diversifying both traffic and income sources.
Example 2: Using Free Sites
Lately, I've fallen in love with Squidoo, and I plan to build several new lenses weekly and keep improving the old ones.
But while I wrote yesterday's blog post and mentioned how some people make thousands of dollars on Squidoo alone, I thought: What happens if Squidoo disappears? Or changes politics, or something?
Don't rely solely on free sites like Squidoo, Hubpages and Blogger. You don't have any control over them.
Build on them, sure. Make money on them, yes, of course. But do something else also. Have your own domain for a blog. Keep a backup of your lenses (oops, I'll better put that on my to-do list). Save your texts from Blogger.
Be prepared for the worst and hope for the best.
Example 3: The Affiliate Marketer
If you're doing affiliate marketing, you're probably already diversifying, unless you're an affiliate for one product only.
For years I've been saying and writing: Pick only the best products to promote.
Don't go to ClickBank and choose a product that potentially can make you a lot of money.
Choose good products you know, have read and tried yourself.
And choose several sources: Not only ClickBank. Not only Amazon. Not only one product creator (unless it's me 😉 ).
What's Your Situation? Do You Diversify or Need Help to Do So?
What kind of situation are you in? Are you already diversifying? Or is there some kind of obstruction in your way?
Please write about it in the comments.